The future of London’s role as a worldwide centre for shipping insurance, brokering and finance has been brought into question by members of the UK shipping community, especially if London votes to leave the EU on June 23, 2016, according to the Wall Street Journal.
Mike Sapountzoglou, Director of Athens-and-Geneva-based maritime advisory firm Flagship Navigation, said: “An owner can get a shipping loan, insure his vessel and find a charter in a very short time within London’s square mile and that’s what makes the city attractive to owners. If the UK leaves the EU, banks may relocate to other parts of Europe and other services may follow, dealing the shipping cluster a serious blow.”
PTI previously reported on an infographic showing the likely effects on the port and shipping sector, should Britain decide to leave the EU.
The infographic showed that Britain’s exit could lead to currency turmoil and affect the 40% of shipping traffic coming to Britain from the EU.
This followed news of a study conducted by the UK Treasury, which found that leaving the EU would imply a negative impact on the maritime sector.
